Climate Finance Gap: Vulnerable Countries Struggle for Protection

Wealthy nations could provide $25 billion in annual protection against climate disasters for vulnerable countries until 2050. The UN Environment Programme's report reveals a 10-18 times shortfall in adaptation finance, with a gap of nearly double the modeled cost of adapting. Poor and vulnerable countries are not benefiting enough from pre-arranged climate disaster finance, and there is a lack of consensus on the host institution and funding for a Loss and Damage Fund for small island developing states. Funding to developing nations for adaptation has declined by 15%, highlighting the urgent need for increased financing to insulate low-income countries from damaging climate impacts.